in fact, weigh also saw it because of the winds that crane on 57th street continues dangling. very hard to see it right there. emergency crews are on the ground. and they are not going to take it down. thanks for joining our special coverage. we will be live tomorrow all day. join us for our special coverage tomorrow as well. be safe, everybody. i will see you tomorrow. welcome a special edition of "fast money." hurricane sandy landfall in the new york area is imminent. we are covering the latest the historic storm. brian shactman in montauk, long island. scott cohen in battery park, new york city. let's go to scott with the latest. >> probably will be the last report we do have from this location here because as you may be able to he the waters of new

york harbor starting to lap up on to this area here at the battery at the tip of lower manhattan. precursor to the big storm surge that's going to come in with hurricane sandy. we don't want to be anywhere near it. i can tell you now that manhattan, crossroads of the world, sun creasingly now becoming an island because within the next couple of hours, the major bridge misand out of new york city, george washington bridge, other bridges in this area, will be closing down and the issue on that front is the winds. i want to show you video shot, just a few moments ago of one world trade center. people tower. these are the tallest construction cranes in new york city. the port authority of new york and new jersey says that these cranes are okay. i can tell new the short time since we shot that video, and now, the -- one world trade center is shrouded in clouds at this point. we have seen construction netting blowing around. but presumably they have the

cranes on that building tied down and cranes in the rest of the world trade center development in sharp contrast to the partial crane collapse uptown on 57th street, luxury high-rise that was being built there. they are still dealing with and monitoring. the winds aloft, winds the high-rises, are much higher than they are here apartment ground level. i can tell you that at ground level, they are picking up as well. the issue, again, storm surge. if it comes in as forecast, we are talking about as much of a -- 6 to 11 storm surge, over my head, it would also get in a the new york city subway station. there is a subway station not too far from here inland. and if they start flooding out the subways that's a big concern because the issue once sandy passes by, is to get this city and the markets here back up and running again. >> yeah. hard to do when sea water is potentially corroding the rails. thanks so much for that. getting to a safe place. meantime, days leading up to

sandy hardware and home improvement stores seen a surge of customers loading up on supplies. joining news the fast lane is terry johnson, senior vice president of store operations for lowes. it is a pleasure to have you with you us. how many stores do you have in the hurricane zone? how many remain open, if my? and how much have you sold so far? >> we have about 200 stores that are directly affected in the path of the hurricane. and we still have the majority of those open. we do have a number of them that -- will be closing or have closed somewhere around 50, 60 of those by the end of the day. >> i would imagine flashlights and batteries are top sellers. are you sold out of items like generators? >> well, flashlights, generators, extension cords, sump pumps. so many of those items have been in high demand. we sold out of many of those. we are constantly working to replenish and we are leveraging

our dcs based in the area to get back out to our stores as quick as possible. >> consumers looking for a generator or other products, if they are not in stock, you will get shipments, even during the storm? >> we certainly hope to get shipments. as soon as possible. after the storm -- i don't know that we will be able to get any more shipments out to the stores today. we are working hard to get the stores replenished and would know we have a big responsibility to take care of our communities and be there for them during this time of great need. >> i would imagine for a store like lowe's you see certain customers prayer to the storm but also may see a surge in customers after the storm. give us a sense of what the traffic patterns are like, what the sales patterns are like, in a hurricane like this as we prepare and then shift to recovery and repair. >> yeah. you know similar patterns. we see a big increase in traffic. people are preparing, making sure that, you know, the --

prepared for whatever may come their way. and then after the event, after one is able to assess, in -- lost power or some type of damage, maybe there is roof damage and need a tarp, so -- it is -- just really depends on the storm and the severity of it and how that affects our traffic. >> all right. terry, thanks so much for joining us. appreciate the update. terry johnson olowe's. we want to bring the our traders at this point. how the hurricane could affect the home improvement retailers. specifically for lowe's, inning because you take a look at the one-week chart. there was than too much of a run-up in the stock prior to the storm. what's different about lowe's compared to the others is that actually the hurricane is included in its results because the books don't close until saturday, dr. j. >> yeah, well there is an awful lot to be focused on the homebuilders. or home improvement, i should say. i think they are doing yeoman's work especially from a logistics standpoint getting these stores

restocked and so forth. it certainly boeds well as far as dialing that demand forward because certainly with batteries on and the like you are not going to see 60 million people go out and try batteries. but this storm brought that demand here now. and that's going to be bringing in a lot of receive gnaw for these guys. i mean, you don't want to be -- cold hearted about it but there will be a lot of rebuilding because of this. the benefit will be beyond just these few day of the southerly. lit extend months into the future and not, of course, just for these guys, it is for folks that do road repair and the like. the storm is a little bit like what paul krugman talked about when he said we needed to see an alien invasion. this is pretty close as far as what it is doing, the damage it is going to wreck, and as far as rebuilding. >> yeah. two-legged surge actually for retailer like a lowe's or home depot. brian, you are taking a look at the generators. reportederings early in october gave an yum beat third quarter

outlook and raised receive gnaw outlook for tenure year. >> specifically the stock i was trying to play that last week, upcalls to play to the upside. we have seen the stock rally 10% of the hurricane sandy coming in into new york and northeast. so we have seen a nice pop in the stock. i can see it going and getting above $30 level and maybe pushing a little bit higher. stock only trades at 5 1/2 times earnings. it is really a good value play as long as, you know, play the generate wror and here. this is a stock you may want to take a look at. >> quickly, simon baker, in terms of home depot and lowe's and builder stocks getting the benefit, this could also rob, though, discretionary sales. sales of clothing and apparel later on. >> yeah. i think regardless of what is going on, home improvement stocks are continuing with the homing side. lowe's and also home depot. also suppliers, companies like simpson. when with you got big tragedies like this with big winds and

earthquakes, et cetera, go back and start looking at the code and how they are built. simpson strong tide has a strong code does well. stock is up 40% after irene. you are right. in this type of market you go out and buying stuff you need. not stuff that would be nice to have. the retailers and malls typically doing poorly dhurg period of time. >> more on retailers later in the show. we want to talk about stock markets, hurricane sandy forcing the closure of the new york stock exchange today and tomorrow. the first two-day weather related closure since 1888. bob pisani, who is usually on the floor of the stock exchange, joins us here on set with more. now, the key here wednesday. wednesday is the big day. explain to use. >> important thing is the end of the month. normally, of course, may not be so important if it wasn't the end of the month. have you firms that mark portfolios to the end of the month. p&l determined you about the end of the month. have you some funds actually have their fiscal year closing at the end of the month. i think that all of that has a lot of pressure on the nysc.

all of the major exchanges to actually open. knew understanding is they are going to do everything they can even with a skeletal crew to open the floor of the new york stock exchange. even in -- shortened session, even if it is only four hours. just to get some trading done. i don't think they expect terribly heavy volume. but -- again, that end of the month thing is what they have concerned about. something interesting, cme announced they are trading in the electronic session. s&p futures overnight. that's curious because all the equity exchanges -- equity. >> equity futures and interest rate futures, which is interesting because they close them during the day. they are going to remain closed tomorrow. when dr. j. flagged that we were scratching our heads. >> what's 2 one thing they don't have in common? regulator. they are regulated by the cftc. that may have been factor. i'm quite sure the sec was not eager to see trading monday and tuesday, most of the market participants are out, there's

concerns about thin trading, market volatility, maybe another flash crash, quite sure they were very happy to see the markets closed today. you have a different regulator over there. maybe -- different mentality. >> dr. j., i'm curious. bring knew this conversation. what do you -- what do you think the volumes will be like overnight? especially when it comes to the equity options that are going to trade, start 6:00 p.m. eastern time, 5:00 p.m. central. we will continue overnight. >> well, you wouldn't have very much trading at all, melissa, unless it dpetsz extend today far to the down side or too far to the upside. that's because there's no arbitrage. you can't do the baskets against these futures. and you can't do the options, of course, on ibm and apple and google and all of the things that people would like to trade right now. because though don't trade across the street at the cme. so it is -- more of a tracking, i believe, that you will get from these futures rather -- an indication of where we will be tomorrow when you are talking about them. than it will be an actual volume event. >> i would note the volume

overnight in the last night session was very, very thin. >> right. okay. bob, thanks for that. we want want to bring your attention to breaking news. head of the iphone and ios division is leaving the firm. jon fortt will join us later on in the show with more details of what this might mean for apple and launch of the iphone. coverage of hurricane sandy continues from power outages to major shutdowns. latest numbers on the storms and mary thompson is tracking the hit on commodities from the port of baltimore. >> that's right. ports, pipelines, refineries shut down i will have latest from baltimore coming up after this break. if we want to impre our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation.

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edition of "fast money." we continue to monitor hurricane sandy. let's get to the breaking news on departures. departures plural from apple. john, it is not only the executive in charge of iphone software but as we are learning the head of retail. what do you know? >> that is the cause. the reason why this is stuch a b

such a big deal far beyond that. vin seen a reorganization with apple since these jobs returned 15 years you a go. as you said scott for stastall leaving. he got tossed around as a potential successor to tim cook. not that he's leaving any time soon but that's how high his profile has been with apple. also, john browett, who has been hired to head up retail, he is out. now, that's interesting because apple had taken some heat important the way it had been handling retail recently. employees of the retail stores have posted on sites like iso apple, apple store, about the way that apple was cutting back on hours and were some -- they were disgruntled on that scale. br browett had come from a european retailer that -- that was known

for being a little more bust buy reich as opposed to apple store-like in the way that it ran things. then you have also -- bob mansfield who has been the head of hardware. and initially apple said he was going retour. then is he heed no, he's coming back in an advisory role to tim cook. in this new structure, he will lead a new group called technology that's going to include the chip development organization, that's particularly important because you see apple constantly coming out with new custom made chips in the ipad. inside the iphone, key, point of differentiation for them. bob will be in charge of that as well as wireless technology. a different take on how apple is managing hardware technology. mob mansfield very much back in the game. going to be a key part of that. then some other top level executives are taking on additional responsibilities. among those, johnny, head of the industrial design, responsible for the look and feel of all of

apple's products along with his team of about 60 industrial designers and meet in a super secret space, arranged like a kitchen table. in addition to that team he will also direct a human interface team across the could in charge of how that's things, all these devices, software looks. and feels. >> i have to ask you about -- i have to ask you about the timing of this. you are changing the head of retail ahead of the key holiday season. you are changing the head of the iphone and -- ios software, you know, just on the heels of the iphone 5 launch. what are the optics? this looks pretty negative. >> well, i don't know. i -- really immediate some time to talk to some people and think about it. there are changes behind that. i have to mention the man in charge of itunes and apple's media stuff including the why tv box, he is going to now take on siri which has taken some criticism and maps, new version of which have taken on a lot of

criticism. that's now falling under his -- as well. craig is going to talk on some of scott forstall's responsibilities. so this is a huge change, as you said, ahead of the holiday season. at the same time that apple is launching a huge number of new products. tim cook clearly resetting a number of things that this company heading into a period to make out a lot of competition and they want to make lot of big moves. >> lot at stake here with this major shuffle. jon forttt, come back to us when you have more color on this. this is a time i truly miss equity trainings. my first reaction was to see how apple stock would be trading in the post market session. what would be your guess from what we are hearing right now? major shake-up when it comes to the head of retall as well as the head of the iphone and io. >> i think whenever you see a major shake-up like this, you would anticipate downside. i would not be surprised if that's what we saw when apple reopens. i'm not so surprised about the

retail brownett stepping aside. i was hearing nothing but bad from the employees at the apple stores about, again, hours being cut back. basically they were scrimping and saving on everything. that really wasn't traditional for what apple had done. they are more of a boom, wow, take a look at this and supporting it. as far as forstall, that's a surprise. except perhaps that because of the failure of maps, that was his -- that was his baby. that was what is going to propel him to the ceo seat. obviously it is not anymore. he's dissatisfied and obviously tim cook is does satisfied. but to your point, i think that this hurts the stock in the near term. >> of course we will continue to follow the developments here. major shake-up when it comes to the head of retail at apple as well as the head of the iphone and ios. jon fortt will bring us more when he has it. hurricane sandy, impacting the entire eastern seaboard

including the refineries along the coast. mary thompson live with the latest. >> reporter: hey there. as you can see the rain is coming down fairly hard here. picking up in the last couple of moments. earlier or actually yesterday both the port of new york and new jersey as well as the port of delaware which serves philadelphia, they would close. port of baltimore, which is right to the east here, also closing down. what does that mean? well, port of new york and -- delaware, key places, crude oil to be imported. port of baltimore complete key area for coal to be sent out and foreign import cars to come in. of course, maryland may not be getting the worst of sandy but it is getting all of it. not only is there coastal flood watch, flood watches all over the state, snow is expected in the western part of maryland and, of course, expect high winds all later tonight. governor martin o'malley earlier warning residents of the storm's dangers. >> this is going to be a long

haul. days will be difficult. there will be people who die and are killed in this storm. ripe right now there are 75,000 people in the baltimore/maryland area without power. and speaking of power, of course, refineries along the east coast shutting down or -- ramping down their operations in light of the storm. two refineries shut down completely. three running on a limited basis. pipeline companies are -- taking notice. colonial pipeline which has big pipeline that comes up from the gulf coast and serves new york, philadelphia, as well as new jersey, it is shutting down as of 7:00 eastern tonight. the reason they say not because of damages because of the storm. but because their customers are shutting down as well. >> mary thompson, thanks so much for that. more on sandy's impact on commodities, let's bring in dennis. dennis, always good to see.

>> did you good to be here. caught the last flight out of the east coast this morning out of norfolk. >> it will be the last one for a very long time. dennis, i like the short hand one trader said. the storm would be bullish products and bearish crude. when it comes to bullish products we saw the move today in gasoline. heating oil also inventories are what, close to a five-year low or something like that. where do you expect these products to go from here? >> well, i think that -- if this is the way it looks like it is going to be and refineries will be shut for three, four days, if that happens you are going to get -- continue to get strength in the products and continue to get strength in gasoline. crude oil, however, is backing up already. lit continue to back up so that the refining spreads will continue to widen out. crowd will be under pressure. products will continue to rise. the question will be if any electrical damage happens to -- to the refineries or if they really is any cut in the natural gas facility that they need to

fire the refinery, if that happens, you are out for seven, eight, nine days, given the level of low inventories of gasoline particularly, but -- just as winter is approaching, you can spike prices dramatically higher. i think one has to -- owning heating oil, gasoline, short of crude, and if you are going to be short of crude, don't shore brent. short wti. it tells you there's plenty of crude out there looking for a place to be store. >> give as you quick level for crude. closes three-month low today. 8554 today a bauerle. where could we see that go if there is sustained damage to refineries or remain shut the next few days? >> no. i think you can put $80 under pressure. that much crude oil out there at this point. it's bidding for storage. you could technically take crude oil to $80 per barrel for wti. wouldn't be hard to do. >> right. dennis, always good to see you. thanks for your insight.

dennis gartman joining us tonight from houston. brian, between want to go to you for a trade in the energy compl complex. >> yeah. we saw philip 66 shutting one of their refineries. looking back at the equity side, this is a stock i like. if they can come through the storm okay with the refinery being shut that's a stock i want to look at. that held up very strong here. another name valero. take a look. those are a couple of equity plays you may want. i'm on the sued of dennis here. i think you could see oil trade down a little bit lower. we wrote on the blog today action abouttrade. getting volatile over the next few days and see how this plays out. be careful. i'm staying long, gasoline through uga. playing that as well. >> our coverage of hurricane's economic impact continues it is a storm slams into the northeast. awaiting update from chris christie and new york city mayor bloomberg when they start speaking we will take you there live. tdd#: 1-800-345-2550 let's talk about low-cost investing.

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welcome back to cnbc's "fast money." the latest on hurricane sandy.

right now just off the coast of cape may, new jersey. about 20 miles. continues to move in that direction. will be onshore in the next hour. very strong winds remain over coastal new england and new jersey. we just saw wind gusts of 79 miles per hour. just because the rain appears to be letting up just a little bit, over this area, do not let that -- do not let your guard down. strong winds remaining for the next 24 to 36 hours. >> thanks for the update. saepd is causing major outages and travel disruptions across the country's eastern seaboard. courtney reagan joins us now with the latest numbers. >> yeah. that's right. this stuff is constantly changing. we are going to give you what we know right now. while it has been advised everyone stay inside, likely some that are still trying to travel. there are a number of literal roadblocks when it comes to transportation. we want to mauck you aware of. the weather channel is reporting nearly 1 million people are without power in 14 states plus d.c. as a result of the storm. with more than half of new york, new jersey and as the storm

comes ashore we know that's only going to increase. if you look at the various utility companies outage maps, more than 360,000 are without power in new jersey. more than 260,000 customers are affected in the state of massachusetts. 145,000 in connecticut. and long island power authorities says 273,000 customers affected. con edison reports 18,000 without power in new york city. 21,000 in westchester county. more than 31,000 customers are without power in pennsylvania. according to flight aware 13,785 flights have been canceled as a result of hurricane sandy. every airline is allowing passengers to change their itineraries without any fees. important to know. roads, connecticut highways, closed. portions of the garden state parkway in new jersey are closed. fdr in new york city is closing at 6:00 p.m. that's a half hour from now. much of it is under water. governor cuomo, new york governor, announcing a number of

new york bridges will close as of 7:00 p.m., including george washington. when it comes to mass transit, new york city, boston, new jersey transit, maryland's marc service, all of it still remains closed. if you haven't moved yet you are probably going to want to stay where you are. i don't know how you will get there. >> yeah. no way out at this point. courtney, thanks for that update there. as sandy slams into new york, city is dealing with another major problem. partial crane collapse. robert frank is there with the latest. >> in just in the past few minutes, this area has been swarmed with emergency vehicles. we have the environmental protection folks here. lots of fire and police. now, cuomo told maria bartiromo he sending structural engineers up there to check it out and were told that firefighters are on their way up that building to monitor the scene. i'm not quite sure what they are going to be able to do when they get there or how they are going

to secure that crane. they might just want to monitor the situation. the entire area on 57th street has been blocked off. pedestrians don't get injured if the crane collapses. keep in mind just that piece that's hanging off there is more than seven stories tall. huge and very heavy piece of metal that could do a lot of damage if it came down. there are a few story lines to this building. this is, of course, most high-profile luxury tower in the city. there are a couple of billionaires that bought penthouses for more than $90 million. building was also under scrutiny because the general contractor is the former -- a company that paid $56 million in fines for overbuilding. also, the company that -- was responsible for demolishing the deutsche bank building. remember, the two firefighters were killed. so that the building itself very high profile, very ambitious project. the tallest residential tower in new york, coupled with the fact that this contractor already had a cloud over it.

lot of questions are going to be asked after the storm. whether they were doing the right thing and whether the city did its job to nail down that crane before the storm. >> lot of bug questions there. robert frank joining from us midtown. meantime we want to go to jon fortt back to the big story out of apple. heads of the ios as well as retail leaving the company. major management shake-up. all-important holiday season. what's the latest? >> couple of things i want to point out about this. i had a chance to get on the phone. also think about this a bit more. two key players who are staying in this shake-up, first of all, john, increased responsibility over user interface, software. that's particularly important because up until now has been -- harvard guy. now is having this leadership and advisory role over software. that reminds me of the sort of key jobs used to have in guiding the overall looking feel of apple's products. and -- he described him as being

part of the soul of apple. johnny has always been very important to this organization. now his role even broader over all of apple's products. not just how they physically look and feel but how they actually work. that cannot be discounted. the other in this shake-up is eddie. he over itunes, app store. various things, now he has siri. that means he has all of apple's services together. they have been great at hardware and software. mobile me is an example of that. that flopped. trade flood icloud. the guy able to help it bounce back is in charge of all apple's services. very key in this. >> are we starting to see a new

succession plan emerge? you mentioned scott forstall was rumored or talked about as potential successor to tim cook. could these two gentlemen now be regarded potential successors? >> johnny was always a name that's come as somebody who could succeed steve jobs. i think for a lot of people pointed to the fact he's not known as being an operation alpern. he is a big picture vision airy. a man that continues to be -- eddie particularly -- he's able to transport the apple's culture and get them really succeeding and services. then i think he is able certainly to be right up there near the top of the list. >> our connection is getting -- not very good here. jon, thanks for that. and we will talk to you later on. simon baker, i'm curious, what's your initial reaction to this? this is a negative or positive for apple or perhaps neither? this is a stock, by the way, of

course, that's down about 13% from its all-time high. >> you know, i think it is a positive. tim cook is a very different leader than steve jobs was. this is evolving as a ceo. his management skill is just -- i think, the company involving direction he's going. i think one of the things settles it will be a net positive. >> net positive. okay. our coverage of hurricane sandy continues as it batters the northeast. up next, actually we are going to go to new jersey governor chris christie with an update on the hurricane. >> we are at a moment evacuations are possible. this has become particularly problematic in atlantic city. we are for -- where for whatever reason the mayor urged people to stay in shelters in the city. despite my admonition to evacuate, he gave them comfort for some reason to stay. we now have a large number of people we can't quantify it at this point, that are in atlantic

city. and at this juncture there is -- no other roy for us to go in and get them. they are going to have to ride out the storm there until at least 7:00 tomorrow morning. i cannot in good conscience send rescuers in as the storm is about to hit in the next hour. nor can i send them in the dark given all of the various hazards that would occur. potentially today. i ask these people to leave for some reason, the mayor, his initial conversations with the public, told them he didn't want his people leaving atlantic city. so have you people staying either self-sheltering in their homes or sheltering in city shelters there. one of which is literally a block away from the bay. school. which is now flooded. completely. so for those of you on the barrier islands that thought it was a better idea to waited this out than evacuate than elected officials who decided to you can for my admonition, this is your

responsibility. if you are still able to hear me, we need to you hunker down and get to the highest point possible in the dwelling you are in. we will not be able to come and help you until daylight tomorrow. please hunker down and stay safe until then. we deployed emergency crews throughout the day to assist individuals particularly in land city with evacuation. but as i said, no longer safe for us to do it. we are stopping now. the winds are very high. we are seeing heavy rainfall and darkness obviously quickly create thing kind of dangerous situation for our first responders. at this time responding to calls, to calls for service only. as soon as it is safe to send them in, we will send them back in. not until tomorrow morning. we prestaged our first -- water strike team in atlantic city and 21-member team. prepare for the launch at 7:00 a.m. tomorrow for shallow and swift water rescue in atlantic city.

we are keeping two other swift water strike teams at lake hurst, 40 trained members. total of ten boats that can deploy anywhere else in new jersey. while in the coastline, as needed or requested. we will wait to see what happens tonight and tomorrow morning. two federally supported teams from out of state. 180 high-tech urban search and rescue personnel. that are fully equipped and self-sustaining. they also have water boarding capabilities. regarding flooding we are starting to see challenges in salem and cumberland counties, streams and rivers. because of heavy rains and tidal push which we continue to monitor. luckily at this point in the rest of the state, we are not yet seeing indications of flooding. there's still a lot more water to come. at this point things are positive. as i said earlier, state government closed tomorrow. educational commission is encouraging closure of schools to ensure student safety.

509 of our 580-some districts are saying they will be closed tomorrow. i hope the rest of them will follow suit as soon as possible. all these decisions are made at the local level but i would hope that they would look at the conditions we are dealing with and make the smart move and not have school bus owes the road tomorrow. we don't know what the conditions the roads will be in. we will anticipate during the evening, a lot more downed trees and downed wires. just be a very dangerous situation to move folks around tomorrow. we believe. so let's leave these roads open for emergency personnel to get around. department of health requested out of state assistance for 75 ambulances to help. 22 ambulances arrived from indiana today. i want to thank governor daniels for his assistance in this regard for sending 22 ambulances from indiana. they arrived today, traveled from indiana to new jersey and i want to thank governor daniels

for his help in this regard. let's talk about road closures. garden state parkway closed in both directions from the driscoll bridge to the end of the parkway in cape may. and the turnpike currently is closed from exit 7-a to exit 8. 42 other road closures in 13 counties. where a road is closed that means it is closed. now, we can't put a truck at every on-ramp to the garden state parkway. but we have announced the road is closed. we have signs up saying it is closed. yet, we still have people who decide that if will is not actually a -- piece of equipment blocking their way on the parkway they will drive on it anyway. if you are listening on the radio and you are thinking about getting on the parkway from 129 south don't. if you are on the parkway between 129 south, get off. this is not acceptable conduct.

what's going on and what will go on is when it gets dark you are not going to be able to see where water pool and become extremely deep. we have flooding conditions on various parts of the turnpike -- parkway over those 129 miles. you can get yourself in significant danger being on those roadways -- >> listening to new jersey governor chris christie along the lines of don't be stupid message earlier today. he said if the roads are closed that means they are closed and can't put a truck on every on ram open the parkway. also for those folks in atlantic city, unfortunately, they are evacuated to shelters within atlantic city despite the governor's admonitions and urgings for them to be evacuated elsewhere. at this point they can't send anybody in to rescue those folks until 7:00 a.m. tomorrow morning. much more on this press conference later on. we are waiting for mike bloomberg to you a dress the impact on the city. we will have that right after this. [ male announcer ] the markets keep moving. make sure the news keeps coming

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we are -- again in the briefing room at the office of emergency management. you want to bring you up to date on the storm's progress, first of all, thank you, lydia, and -- as everybody knows, we are already seeing significant impacts from the storm and the worst of it is about to hit.

i think we have done all we can to prepare this afternoon i spoke with president obama, treasury secretary geithner, and governor cuomo, all whom offered their support and coordination with the federal and state government i will say has been great. now it is the storm -- it is a storm intensifies the most important thing i can say is if you are in your home or some where safe where you can remain, stay there. the time for relocation or evacuation is over. conditions outside are dangerous. they are only going to get worse in the hours ahead. in queens we are getting ten times the normal call volume of 911 calls to the fdny. unfortunately most are for downed trees or flooding conditions. that's not what 911 is for. s that 311. but if you use 911 it means the operator on the line is not free for somebody who has a real emergency to call. please use 311 for downed trees

or flooding. there have been more than a thousand reports of tree damage in parks and on street and we are responding to them around half of them are for downed trees, half of them are for other damage. earlier today, a jogger was struck by a falling limb near prospect park and was hospitalized. fortunately she is going to be okay. and she was not in a closed park but was running the -- when run under trees, whether the trees in the streets or park, it is very dangerous with the wind and lot of these trees still have leaves on them. when the leaves are on the trees, they catch a lot of water and makes them a lot heavier and they are much more likely to break off. and also, to be susceptible to the wind. i can't emphasize enough stay indoors. and certainly away from the parks, beaches, boardwalks, piers, sea walls. we had to give a couple of people summonses for trying to surf today. it is dangerous. and to the most important thing

is we are going have to come in after and you for us to lose an emergency responder because of someone's irresponsible -- >> we have been listening to new york city mayor bloomberg talking about the impact of the storm on new york city. he says that the time for relocation for those folks in new york city is over. conditions are only going to get worse. talked about damage around the city. falling limbs, also talked about a jogger injured by a fallen limb near prospect park. she was hospitalized but okay. again the warnings are there. as storm conditions con to get worse. much more on this storm and impact on your money and portfolio right after this. it's a new day.

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thfrmts is the crane, you can barely see it, because of the cloud cover. the controversial luxury high-rise apartment building is set to be the highest residential condo building in new york city. 90-134 odd floors. 60-some odd floors. crane collapse causing evacuations in midtown. we are conning to monitor the story. meantime, let's talk about

insurers. a close eye on hurricane sandy as you gets ready to make landfall. the storm has potential to cause some of the biggest loss necessary the insurance industry. it has faced this year. joining us is the insurance analyst and joins us the fast line. paul good to have you with us. latest estimates when it comes to insured losses is $5 billion to $10 billion. when it comes to the insurance industry what do you think would be the sweet spot in terms of the insured loss that's could be observed by the industry but big enough in order to sure insurance rate increases? >> i think to really -- a major change in the industry you need a disaster that would serve hurricane katrina in size or greater. although it is not necessarily just about -- losses itself. lot of it has to do with where the losses are and what the categories of the losses. if they are unique in -- type of loss, that could change the perception of risk and cause prices to go up. >> what's your best estimate based on what we know about this

particular storm in terms of who will get hit the most and who will so the most losses? >> well, it should be the usual suspects. the big east coast insurers, companies like state farm, travelers, allstate, who are hue on the list of market shaur locally. >> all right. paul, unfortunately we have to leave it there. we appreciate your time and analysis. paul newsome. simon, have you an interesting insurance play. crawford. >> larger the disaster the better company does. they do the overflow for the claims for a lot of the carriers. if you see a big concentration of claims they will benefit from it. look out for crawford. >> all right. at this point we want to revisit new york city mayor mike bloomberg with his press conference on the impact of hurricane sandy on the city. >> roughly 47,000 customers without service right now in the city of new york. we think there is a significant chance of major flooding

throughout the parts of new york city. we are especially concerned about the downtown manhattan and parts of the brooklyn, coney island. we are looking at -- i think it is likely that we will be preemptively shutting down the underground networks, two networks in manhattan, fulton network, the -- bowling green network. which essentially cover the areas between broadway, east river, and south of the brooklyn bridge. and also perhaps brighton beach by coney island. we are doing that to reduce the likelihood of damage to both our equipment and our customers. >> the mike bloomberg press conference. power outage expected in lower manhatt manhattan. we have your first move for wednesday when we come right back. [ male announcer ] how do you trade?

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mohawk because of the floor covering, melissa. and apple because i think that this is -- shake-up is exactly what apple needed. i watch both of those. >> brian? >> just take a look at the s&p here. you know it will be daunting that europe's actually open and we are closed. that's caused a lot of selling pressure typically in the market. if we get a big sell-off i would be a buyer down the run. one other play, psx. refiner like i mentioned before. phillips 66. no issues with the refinery i would be buying that stock and has been very strong. >> i'm looking ahead to facebook. today was supposed to be the lockup. what should we expect wednesday? >> these are mainly the employee shares. i don't think they will be selling down here in these low numbers. i think they hold. >> i'm melissa lee. thanks for watching this special edition of "fast money." we will see you back here tomorrow. back here again for "past money" at 5:00. that's it for us. "mad money" starts right now.